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How to pay for your subscription plan on Lendsqr
Your Lendsqr subscription keeps your lending platform active. When it is time to renew or upgrade, you need your billing wallet to have enough balance to cover the charge. If it does not, your plan will not renew, and your access to paid features may be interrupted.
Lendsqr uses a prepaid wallet system for subscription billing. This means you fund your wallet first, and the system then draws from that balance when your subscription is due. Understanding this flow is important because it is slightly different from a typical card-on-file billing model, where charges happen automatically in the background.
This guide explains how the billing wallet works, walks you through both payment methods, and covers what to do when things do not go as expected.
How Lendsqr subscription billing works
Before getting into the steps, it helps to understand the relationship between your wallet and your subscription.
When you subscribe to a plan on Lendsqr, the cost of that plan is charged from your billing wallet at the point of renewal. Your wallet is essentially a prepaid account that you top up using a card or a bank transfer. As long as your wallet balance is sufficient when the renewal date arrives, your subscription renews automatically, and your platform continues running without interruption.
If, on the other hand, your wallet balance is too low on the renewal date, your subscription will not renew. In that case, you will need to fund your wallet and manually trigger the renewal.
This is why it is good practice to keep your wallet funded in advance, especially if you are on a paid plan that your borrowers and team depend on. Think of it like a toll account — you top it up before you need it, and the charge happens automatically when due.
For example, imagine a lender running a payroll loan product for corporate clients. Their subscription renews on the first of every month. Because they fund their wallet a few days in advance, the renewal goes through without any action on their part, and their team continues working without disruption.
What you need before you begin
Before funding your wallet, make sure you have the following ready:
Click on “Fund Wallet” and this will display the options to add a payment method if you do not have an existing one. If you have an existing payment method kindly select this to proceed and your card would be charged accordingly.
If you do not have an existing payment method or would like to add another payment method, Click on “Add New Payment Method”
Click on “Continue”
This will open the screen to add a payment method. Proceed to provide the required details and complete the process
Upon successfully adding a card, the card would be displayed
Click on Fund Wallet
Input the amount you wish to fund your wallet with and select your choice of card and click “Continue”
Upon completion, a prompt will be displayed informing you of your successful funding.
After successfully making the payment, your subscription will be renewed, and you will continue to enjoy the benefits and features associated with your chosen plan.
Once logged in, navigate to the “Service Transactions” tab located under the Transactions Management section. Here, you’re provided a virtual account number to use to transfer
Simply make a bank transfer to the account details provided. If the transfer was done successfully, your wallet would be funded instantly (refresh the page to see changes).
What to do if your wallet balance is insufficient at renewal
If your subscription renewal fails because your wallet does not have enough funds, do not worry. Your account is not deleted. Instead, your plan may revert to a lower tier or your access to certain features may be restricted until you fund your wallet and renew.
To resolve this, first fund your wallet using either of the methods above. Then navigate to Billings and manually trigger the renewal if the system does not do it automatically after the top-up.
To avoid this situation altogether, set a personal reminder a few days before your renewal date to check your wallet balance and top it up if needed. This is especially important if you are on a plan with a large team or active borrower base that depends on uninterrupted access.
What to do if a card payment fails
Card payments can occasionally fail for a few reasons. The most common ones include insufficient funds on the card, a card that has expired, or a bank security block on the transaction.
If your payment fails, first confirm that your card details are correct and that the card has not expired. Second, check with your bank to see if they blocked the transaction, as some banks flag online payments for verification. If the card issue persists, consider using the bank transfer method instead as an alternative.
In all cases, your wallet balance only updates after a successful transaction. Incomplete or failed transactions do not affect your balance.
